Visitors to Greece warned over possible euro exit

Britons visiting Greece this summer could face food and fuel shortages if the country leaves the euro, a senior Barclays economist has warned.

Dr Brian Clark told the bank’s annual Travel Forum that the implications of a eurozone exit were “frightening”, and that the situation could resemble the Argentinian banking collapse of the 1990s.

“That was a traumatic experience,” he said. “You had major civil unrest, and basically a non-functioning economy. It was not the sort of place you wanted to go on holiday.”

He said a newly restored drachma would devalue quickly, raising questions about whether Greece could afford essential items like fuel. He also questioned whether banks would allow visitors to change money.

Dr Clark’s comments come as tour operators in Britain and Greece seek to reassure visitors that the country remains open for business.

ABTA, the travel association, which represents hundreds of British tour operators, said: “If [a Greek exit] were to happen – and that's a big if – there would clearly be a transition period where euros will still be accepted in bars and restaurants, as is common in many countries where the euro or the dollar are accepted in parallel to the local currency.”

The Association of Greek Tourism Enterprises (SETE) issued a statement highlighting the excellent exchange rates currently on offer to British travellers, as well as reduced prices at many hotels and holiday apartments, and dismissed concerns about civil unrest.

“It is important to mention that the country is preparing for national elections and usually the pre and post election periods are characterised by tranquillity, hence the chances of strikes in Greece for summer 2012 are far lower than in most other European countries,” it said. “During April and May, the number of strikes and demonstrations has indeed been very limited compared to the same period last year.”

SETE also offered responded to suggestions that foreign visitors could face problems accessing their money.

“Greek banks are solvent and, like all eurozone banks, have a guaranteed solvency by the European Central Bank. Holidaymakers will be able to make any kind of financial transactions in Greece during the summer.”

Dr Andreas Andreadis, president of SETE, said there “has never been a better time” to visit the country.

“We are trying to change the way our country and its economy is run, but this is not going to affect the quality of a holiday,” he added. “Greece remains one of the top destinations in the world and we reassure holidaymakers that this summer remains business as usual.”